LIC Jeevan Shanti Policy: Premium, Pension And Other Details Here
Life Insurance Corporation of India (LIC), the country's largest life insurance company, offers few annuity plans as part of its insurance product portfolio. One such single premium annuity or pension product offered by Life Insurance Corporation is the LIC Jeevan Shanti plan. The LIC Jeevan Shanti plan is a single premium plan wherein the policy holder gets to choose between an immediate and deferred annuity, according to LIC's website - licindia.in. The annuity rates are guaranteed at the inception of the policy for both immediate and deferred annuity, and the annuities are payable throughout the life time of annuitants.
Here are some key details about LIC's Jeevan Shanti plan:
LIC's Jeevan Shanti plan can be purchased by paying a single premium of a minimum Rs 1.5 lakh. There is no upper limit for the premium.
Policy holders get nine different annuity options to choose from. The various annuity options are as follows, according to information on LIC's website.
- Option A: Immediate annuity for life
- Option B: Immediate annuity with guaranteed period of 5 years and life thereafter
- Option C: Immediate annuity with guaranteed period of 10 years and life thereafter
- Option D: Immediate annuity with guaranteed period of 15 years and life thereafter
- Option E: Immediate annuity with guaranteed period of 20 years and life thereafter
- Option F: Immediate annuity for life with return of purchase price
- Option G: Immediate annuity for life increasing at a simple rate of 3 per cent per annum
- Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the secondary annuitant on death of the primary annuitant
- Option I: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives
- Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor
For instance an individual purchases Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following annuity amount under the annuity option chosen by the policy holder.
| Annuity Option | Annuity Amount (Rs.) |
|---|---|
| Immediate Annuity: | |
| Option A: Immediate Annuity for life | 74,300 |
| Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter | 74,200 |
| Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter | 73,900 |
| Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter | 73,500 |
| Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter | 72,900 |
| Option F: Immediate Annuity for life with return of Purchase Price | 65,400 |
| Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a | 56,200 |
| Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant | 71,100 |
| Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives | 68,300 |
| Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor | 64,900 |
| Deferred Annuity: | |
| Option 1: Deferred annuity for Single life | 206,600 |
| Option 2: Deferred annuity for Joint life | 227,200 |
Source: LIC
If the policyholder is not satisfied with the terms and conditions of the Jeevan Shanti policy, the policy may be returned to the LIC of India within 15 days of commencement, according to the insurer's website.